TORONTO, June 05, 2018 (GLOBE NEWSWIRE) — Scythian Biosciences Corp. (the “Company” or “Scythian”) (TSXV:SCYB) (Frankfurt:9SB) (OTC – Nasdaq Intl:SCCYF) is pleased to announce that the Company will be changing its name from “Scythian Biosciences Corp.” to “SOL Global Investments Corp.” The Company will put the name change resolution before its shareholders at its next scheduled annual general meeting, which will be sometime in August 2018. The name change is also subject to approval by the TSX Venture Exchange (“TSXV”).
Details of the annual meeting to approve the name change will be set out in the Company’s management information circular that will be mailed to shareholders.
In connection with the name change, the Company has applied to change its trading symbol on the TSXV from “SCYB” to “SOL”.
Rob Reid, CEO of Scythian, said that “SOL Global Investments better reflects our strategy of identifying and developing cultivation assets, nurturing branded products and opening up ancillary opportunities outside of Canada. SOL also embodies a balanced, positive and healthy way of life – something that’s increasingly important today. We look forward to this new chapter in our Company’s development.”
The Company also announces the grant of an aggregate of 480,000 options and 32,646 deferred share units (“DSUs”) to Rob Reid, CEO of the Company. The options were granted at an exercise price of $4.00 per share and exercisable for a period of five years following the date of grant. 1/3 of the options vest as of the first anniversary following the grant date, 1/3 of the options vest as of the second anniversary following the grant date and the remaining 1/3 of the options vest as of the third anniversary following the grant date.
About Scythian Biosciences Corp.
Scythian is an international cannabis company with a focus on the world’s leading markets outside of Canada. Its fast tracked growth has come through a number strategic initiatives and partnerships in cultivation, distribution and branded products across Europe, United States, South America and the Caribbean. These significant endeavours complement the company’s R&D partnerships with some of the world’s leading universities. It is this comprehensive approach that is positioning Scythian as a future global frontrunner in the medical cannabis industry.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Scythian Biosciences Corp.
Rob Reid, CEO
Phone: (212) 729-9208
This press release contains certain forward-looking information and statements (“forward-looking information”) within the meaning of applicable Canadian securities legislation, that are not based on historical fact, including without limitation, statements containing the words “believes”, “anticipates”, “plans”, “intends”, “will”, “should”, “expects”, “continue”, “estimate”, “forecasts” and other similar expressions. Such forward-looking information includes information relating to the Company’s proposed name change and special shareholders meeting.
Readers are cautioned to not place undue reliance on forward-looking information. Forward-looking information is subject to a number of risks and uncertainties that may cause actual results or events to differ materially from those contemplated in the forward-looking information, and even if such actual results or events are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Such risks and uncertainties include, among other things: that shareholder approval is not obtained and that the Company cannot change its trading symbol on the TSXV to “SOL”.
Although the Company has attempted to identify important factors that could cause actual results or events to differ materially from those contained in the forward-looking information, there can be other factors that cause results or events to not be as anticipated, estimated or intended, including, but not limited to: the Company’s ability to comply with all applicable governmental regulations in a highly regulated business; investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal under US federal laws; changes in laws; limited operating history; reliance on management; requirements for additional financing; competition; inconsistent public opinion and perception regarding the medical-use and adult-use marijuana industry and; regulatory or political change. Additional risk factors can also be found in the Company’s annual information form filed on SEDAR and available at www.sedar.com.
The forward-looking information contained in this press release are expressly qualified by this cautionary statement and are made as of the date hereof. The Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.